Buying and furnishing my first home

river_kwai

My offer of £172k has been rejected. The Estate Agent (EA) advised me that I shouldn't be too far off the target now. But I am not sure that I am willing to increase my offer further. The EA also told me that the market is quieter this week.

What effects has telling the EA that my offer is outstanding at £172k? Would the EA convey the same offer to the vendor again and would the vendor even re-consider it?

So my question is how can I convince the vendor to re-consider the same offer of £172k again? I have a mortgage lender and shortlisted of 2 solicitor firms ready and I all prepared for a quick exchange of contract. Unfortunately my offer has not been accepted.

meanmachine_2

I think the EA and vendor are playing games. They're trying to squeeze as many pennies from you as possible - as is their job remember.

Tell them you simply cannot afford more than £172K, that you're already stretched and that is your final offer. Put a deadline of 7 days on it after which it will be withdrawn - permanently. And be prepared to walk away. Between now and the 29th start looking at oher properties.

If it's "not far off" what the vendors want then it's enough.

river_kwai

Yes, I think the vendor and EA are playing games to try and squeeze more money out of me.

I want to stand firm on my offer but would like to find the most convincing words to ask the vendor to reconsider my offer at £172k. The best way I can think of is to wait for another week, then go back to see if any offers been made, if not, then table my offer at £172k again. But this would involve another week's time of waiting.

Is there another way (more effective and faster way) of achieving this without the long wait?

Although I am in no hurry of moving, but if I were to purchase a house, I would still prefer sooner rather than later.

meanmachine_2

All right. To show willing maybe up the offer to £172.5K, explain it is your final offer and also explain that it is only valid for 7 days. ask the EA to send you details on other properties in the meantime.

Anyone else any advice?

river_kwai

I had a very busy weekend viewing more houses in the view that I might not get the house I offered. The vendor wanted a quick sale and I was quick to put in the offer, and also had mortgage and solictor ready, but perhaps I was to quick to put in the offer until the vendor got greedy and demand a price closer to his asking price. FYI, his asking price is £180k and I had offered £172k.

Anyway, it's a buyers market now (everyone claimed that), and I should just walk away if unhappy (or should I?)

GreenB_2

You have a choice its true!

But I expect after you have been looking at houses for a few weeks and wasting hours a week looking a brochures and speaking to estate agents, arranging visits you will probanbly wished you offered a thousand pounds more!

A cost that most people forget is the time that you put in looking for houses when you could be doing something else (that is unless you somehow enjoy it!). Add to that telephone calls and several tank fulls of fuel and you realise how much you are spending.

If the house is what you want and you like it ... is it such a hard choice?

Also think is it in the ideal location for work or could you do better etc (an extra couple of miles travel a day each way soon adds up in terms of cost of running a car - maybe 1200 miles a year or £150 of fuel).

river_kwai

I agree about the hassle and extra cost, but still thinks that at the current housing climate, my offer price of £172k for an asking price of £180k (works out to be 95.5% of asking price) is an extremely good offer. The vendor should also looked at my strong position to achieve a quick sale (no chain with mortgage backup). He could sell to me or he could sell at a higher price to someone involved in a chain.

John_M_Business

Just wondered how this had progressed... any joy?

river_kwai

I called the EA after a week and was told there hadn't be much interest on that house, and therefore requested that the EA urge the vendor to reconsider my offer, but have yet to hear back from them.

Staying put for the moment and would continue to rent until the right house with the right price comes along.

meanmachine_2

John_M_Business wrote:

Just wondered how this had progressed... any joy?

And your good self? Manage to coax the other buyers back into the deal?